The growing prevalence of diseases such as cancer, polycystic ovary syndrome, and rheumatoid arthritis cause hair loss. To prevent hair loss and preserve scalp health, individuals opt for alopecia treatments. Availability of pipeline products for treatment is making significant contributions to the expansion of the alopecia treatment market. Next-generation technological advancements in the domain are further steeping the growth curve of alopecia treatment market. Noticeably, the introduction of low-level laser therapy that helps stimulate hair growth is gaining prominence among patients. Besides, the growing trend of self- aesthetics has further added to global demand for these treatments. Furthermore, the favourable government regulations and improvements in healthcare infrastructure are altogether providing an impetus to the global alopecia treatment market.
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Burgeoning Cases of Alopecia Areata to Stimulate Alopecia Treatment Market Growth
Of late, the incidence of alopecia areata is growing at a breakneck pace. An unhealthy diet, heavy smoking, rising stress levels, and a sedentary lifestyle are the major causes of autoimmune diseases, such as alopecia areata. Alopecia areata is linked with having a genetic base with unknown triggers that cause hair loss. Patients with type-1 diabetes, celiac disease, vitiligo, thyroid illness, multiple sclerosis, and inflammatory bowel disease disorders, run the risk of suffering from alopecia areata. This has increased the demand for alopecia treatment products on the global front. Therefore, the rise in the number of alopecia areata cases is anticipated to influence the growth of the global alopecia treatment market.
Expansive Drug Pipeline for Hair Loss Treatment to Aid in Alopecia Treatment Market Expansion
Of late, people are becoming more aware of the risks associated with the invasive hair transplant procedures. This has maneuvered the patients towards medication and topical solutions for hair treatments. Considering the growing cases of alopecia, industry players are investing in research and development to launch more advanced drug treatment solutions. To this end, manufacturers are forming strategic partnerships and licensing agreements to enhance their production capabilities. As of now, the alopecia treatment market is segmented into Minoxidil and Finasteride among other drug types. Minoxidil is expected to maintain its lead over the forecast period. Significant investments and consistent innovations are unveiling promising prospects for the global alopecia treatment market to flourish in the coming years.
North America to Forge Ahead in Alopecia Treatment Market Owing to Rising Geriatric Population
North America is predicted to dominate the global alopecia treatment market over the forecast period. The surge in the number of alopecia areata cases is likely to play a prominent role in influencing regional market growth. Moreover, the rising geriatric population is another factor boosting the demand for alopecia treatment products as hair loss is linked to ageing. Various macro factors such as the availability of new treatment therapies and stable increase in the GDP per capita are further projected to unlock new growth opportunities for the alopecia treatment market in North America.
Prominent Market Players
Some of the major players in the alopecia treatment market include Fagron, Aclaris Therapeutics Inc., Cipla Inc., Follicum AB, Merck Co. Inc., Johnson Johnson, Sun Pharmaceutical Industries Ltd., GlaxoSmithKline Plc, Daiichi Sankyo, and Concert Pharmaceuticals Inc.
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